Saudi Banks to postpone payment of three months installments for workers registered in SANED

Saudi Banks to postpone payment of three months installments for workers registered in SANED

The Saudi Arabian Monetary Authority (SAMA) has directed Saudi local banks to postpone three months installments of all financing products for Saudi workers registered in the support of unemployment insurance (SANED) starting from April, 2020 without any additional costs or fees. SAMA stated that postponing the installments does not require submitting request forms from clients, and the clients must be notified of that, adding that Banks should consider and accept the requests of clients who are unwilling to postpone installments.

This comes upon the royal order issued by the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud to compensate Saudis working in private sector firms that have been impacted by the current consequences of COVID-19 outbreak with 60% of the registered wage in General Organization for Social Insurance (GOSI) for a duration of 3 months, at a maximum of SR9000 monthly. And according to SANED, all banks shall postpone three months installments of all financing products for Saudi workers registered in SANED starting from April, 2020.